Yale Court

Key facts from Yale Court's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

homeowners association (Section 1.7 ("Association means YALE COU)

Developer / declarant

ACV Two, LLC, an Arizona limited liability company (Preamble)

Governing law

Arizona Revised Statutes (references to A.R.S. §33-741 et seq. and A.R.S. §33-801 et seq.) (Section 1.23 (definition of Owner))

Assessments & dues

Maximum $1,800 per Lot per year initially (until first Lot in a Phase improved with residence is conveyed to a Purchaser) (Section 6.2.3(a))

Special assessments

Requires assent of majority of votes entitled to be cast by Members voting in person or by proxy (Section 6.5)

Collections & liens

Assessment Lien created; priority over other liens except tax, government, first mortgage, and any lien entitled to priority. First mortgagee acquires title free of unpaid assessments that became payable prior to acquisition. Association ma (Sections 6.1, 6.7.1, 6.7.3)

Reserves & fees

Association may establish replacement and maintenance reserves and a contingency fund (Sections 6.2.1)

Leasing & rentals

Lessees have right to use Common Area; otherwise no express prohibition or restriction on leasing (Section 4.1.2)

Fences

Boundary walls between Lots: shared use, repair obligation, written consent of adjoining Owner required for modification; perimeter walls are Association responsibility (Section 7.5)

Architectural approval

Not explicitly; Article 3 is reserved; Board approval required for improvements on Areas of Association Responsibility (Section 7.1) and for construction/alteration of boundary walls (Section 7.5.9) (Sections 7.1, 7.5.9)

Signs & flags

Declarant reserves right to maintain sales/leasing signs while selling Lots (Section 4.3). No other sign restrictions. (Section 4.3)

Maintenance

Association maintains Areas of Association Responsibility (Common Areas except certain portions, lots' easement areas, additional designated areas); Owner maintains Lot and certain Common Area strip (Sections 1.2, 7.1, 7.2)

Insurance

Comprehensive general liability insurance (min $1,000,000), property insurance on Areas of Association Responsibility (100% replacement cost), workers compensation, and other insurance as determined by Board. (Section 8.1)

Use restrictions

Residential Units defined as buildings designed and intended for use and occupancy as a residence (implied use restriction) (Section 1.31)

Voting & meetings

Class A Members (Owners) have one vote per Lot; Class B Member (Declarant) has 50 votes per Lot. Class B converts to Class A upon earlier of (i) Class A votes >= Class B, (ii) 7 years after recording, (iii) Declarant relinquishes. (Section 5.7)

Amendments

Requires written approval or affirmative vote of Owners of not less than 75% of Lots, and Declarant approval while Declarant owns any Lot. Declarant may also unilaterally amend to correct errors or conform to agency guidelines. (Sections 9.3.1, 9.3.3, 9.3.2, 9.3.4)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.